Development firm drops plan for river site apartments

A local development firm has dropped plans to partner with another firm on buying a former tannery site along the Milwaukee River, north of downtown, and building apartments there.

Fiduciary Real Estate Development Inc. canceled its pending purchase contract for the 6-acre former Gallun tannery site, said Craig Raddatz, director of development.

"It's a tremendous site," Raddatz said. "But it's a lot of work, and it does not fit on our plate right now."

Fiduciary is focusing on other projects, including a new plan to develop over 300 apartments in Menomonee Falls.

Opus Development Corp. remains committed to the Gallun site, according to a statement issued by Julie Ledger, vice president and general manager.

The firm's Wisconsin office "has done significant work to complete due diligence" on the site, Ledger said, in a statement.

"We continue to be excited about the site’s potential for redevelopment," the statement said. "We continue to meet with potential partners who share our vision for the site."

Fiduciary and Opus in March announced they had the Gallun site under contract. The firms said they had no definitive plan, but said the site's location on the river and accessibility to downtown would make it an excellent location for apartments.

A group of former Gallun tannery buildings, located in the 1700 and 1800 blocks of N. Water St., was razed last year, creating the development site. The vacant 19th century buildings were in poor condition.

.The former A.F. Gallun & Sons Co. tannery shut down in 1993. The tannery's former offices at 1818 N. Water St. were developed into 31 apartments.

Commercial Real Estate News

Two packaging companies, both owned by Quad/Graphics Inc., are planning to expand their neighboring facilities in Franklin, according to information filed with the city.

Transpak Corp. and Proteus Packaging Corp. both operate on World Packaging Circle, a cul-de-sac within Franklin Business Park, south of W. Ryan Road and west of S. Oakwood Park Drive. Both companies moved to Franklin from Milwaukee in 2007, and were sold to Quad in 2013.

Transpak's services include export, domestic and military packaging, as well as product distribution. It operates a 300,000-square-foot facility, according to the company's website.